Why in News India hosted the BRICS Foreign Ministers’ Meeting at Bharat Mandapam, New Delhi on May 14-15, 2026, as part of India’s 2026 BRICS Chairship. External Affairs Minister S. Jaishankar presided over the two-day session attended by foreign ministers of all 10 BRICS members, including Russia’s Sergey Lavrov and Iran’s Abbas Araghchi. The meeting sets the agenda for the BRICS Leaders’ Summit scheduled for September 12-13, 2026, in New Delhi.
India’s 2026 BRICS Chairship
| Parameter | Detail |
|---|---|
| Theme | “Building for Resilience, Innovation, Cooperation and Sustainability” |
| Chairship period | Since January 2026 through December 2026 |
| Leaders’ Summit | September 12-13, 2026, New Delhi |
| Ministerial host for FM meeting | External Affairs Minister S. Jaishankar |
| Previous India chairship | 2021 (virtual, due to COVID); 2016; 2012 |
BRICS – Architecture and Evolution
Founding and Expansion
| Year | Event |
|---|---|
| 2001 | “BRIC” concept coined by Goldman Sachs economist Jim O’Neill |
| 2009 | First BRIC Summit, Yekaterinburg, Russia; formal grouping of Brazil, Russia, India, China |
| 2010 | South Africa joins – BRICS formed |
| 2024 | Expansion round 1: Egypt, Ethiopia, Iran, UAE joined as full members (January 2024); Saudi Arabia joined later in 2024 – 9 full members |
| 2025 | Indonesia joined as 10th full member (January 2025); Nigeria, Vietnam, Malaysia, Thailand, Belarus, Cuba, Bolivia, Kazakhstan, Uganda as partner countries |
Current Membership (10 Full Members)
Brazil, Russia, India, China, South Africa + Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates + Indonesia (joined January 2025)
Agenda at the May 14-15 FM Meeting
1. UNSC Reform
- BRICS supports reform of the UN Security Council – but without consensus on specific proposals
- India (G4 member) pushes for permanent membership; China’s position remains ambiguous
- Russia and China have veto power and historically blocked India’s permanent membership bid
2. De-dollarisation and BRICS Payment System
- Push for trade settlements in local currencies
- Discussion on a possible BRICS currency or settlement mechanism (no consensus yet)
- India’s position: supports local currency trade but wary of a new reserve currency that could disrupt INR stability
3. Global South Debt Relief
- Africa-focused: Ethiopia, Egypt, Tanzania face debt distress
- Push for reform of the G20 Common Framework for debt restructuring
- India’s BRICS Chair: bridges “South-South” demands and G20 reform agenda
4. West Asia Tensions
- Strait of Hormuz conflict and energy supply chain disruption
- Iran’s presence at the table creates tension given G7 sanctions context
- India’s balanced posture: energy buyer from both Iran (via historical ties) and Gulf states
5. Counter-Terrorism and Cybersecurity
- Coordinating positions ahead of UN negotiations on cybercrime convention
- Divergences: India-China tension on cross-border terrorism (India names Pakistan-sponsored groups; China blocks at UNSC)
New Development Bank (NDB) – BRICS Financial Arm
| Feature | Detail |
|---|---|
| Established | 2015 (Ufa Summit, Russia); operational 2016 |
| HQ | Shanghai, China |
| President | Dilma Rousseff (former Brazilian President; since 2023) |
| Subscribed capital | USD 100 billion (authorised); USD 50 billion subscribed |
| Shareholding | Each founding member: 20 per cent initial (diluted post-expansion) |
| India’s projects | Metro rail, renewable energy, infrastructure; largest NDB borrower |
Geopolitical Fault Lines Within BRICS
Russia-Ukraine
- Russia and China support each other’s positions; India maintains strategic autonomy
- India has not sanctioned Russia; continues purchasing Russian crude (discounted)
- The FM meeting’s joint statement language on Ukraine will be carefully watched
China-India
- Border tensions (LAC) continue despite Galwan de-escalation; Corps Commander-level talks ongoing
- India and China are both BRICS members but strategic rivals in Indo-Pacific
- India uses BRICS as one of several multilateral platforms – avoids BRICS becoming a China-dominated bloc
Iran-UAE
- Both are now BRICS full members; historical rivalry; Strait of Hormuz is a flashpoint
- India is a major importer from both – navigates carefully
UPSC Relevance
GS Paper 2 – International Relations
- BRICS – evolution, architecture, expansion, India’s role
- India’s multilateral engagement: BRICS, SCO, G20, Quad
- UNSC reform and G4; India’s permanent membership aspirations
GS Paper 3 – Economy
- New Development Bank; BRICS trade and investment
- De-dollarisation; local currency settlement
Mains Angles
- India chairs BRICS in 2026 with 10 members including adversary China and estranged Iran. Examine how India can leverage the chairship while managing intra-BRICS tensions.
- The New Development Bank has been described as an alternative to Bretton Woods institutions. Critically evaluate its performance and India’s role.
- De-dollarisation within BRICS – assess the feasibility and India’s interests.
Facts Corner – Knowledgepedia
BRICS: Brazil, Russia, India, China, South Africa + (from 2024) Egypt, Ethiopia, Iran, Saudi Arabia, UAE + (from January 2025) Indonesia – 10 full members.
“BRIC” concept: Coined by Jim O’Neill (Goldman Sachs) in 2001 in his paper “Building Better Global Economic BRICs.”
First BRICS Summit: Yekaterinburg, Russia, June 2009 (formal heads-of-government meeting).
India’s BRICS Chairships: 2012 (New Delhi Summit), 2016 (Goa Summit), 2021 (virtual; 13th Summit), 2026 (New Delhi).
NDB (New Development Bank): Established by the 6th BRICS Summit (Fortaleza, Brazil, 2014); Treaty of Fortaleza; operational from 2016; HQ Shanghai; USD 100 bn authorised capital.
BRICS Contingent Reserve Arrangement (CRA): A financial safety-net mechanism; USD 100 billion pool; India’s contribution USD 18 billion; modelled on IMF-like liquidity support.
Bharat Mandapam: India’s premier international convention centre; Pragati Maidan, New Delhi; hosted G20 Summit 2023 (18th G20); named after PM’s vision of “Bharat” in global diplomacy.
Sergey Lavrov: Russian Foreign Minister; has held the position since 2004 (among the longest-serving).
India’s “Strategic Autonomy”: India’s doctrine of independent foreign policy; avoids formal bloc alignment; engages US (Quad) and Russia (historic ties) simultaneously.
